Archive for August, 2009

Heard of these MYTHS before?

Many people still fail to have themselves adequately insured. They still have the “popular” misconceptions that keep them from getting a comprehensive medical plan.

Let’s discuss.

MYTH No. 1: I am still young and healthy

young and healthy

TRUTH:  Do not take good health for granted as you never know when your health may deteriorate. Have you heard of illness striking the elderly ONLY? Young people are not being spared from this and when one faces with severe health problems, this may cause great financial difficulties to the family.

Insurability is the reason you need to buy insurance early when you are young and healthy. You must get it before you need it because if you don’t have it when you need it, you may not get it anymore.

MYTH No. 2: I have bought enough insurance

TRUTH: Different insurance plans are designed to cater to different protection needs. But many people feel that once they take up ONE insurance policy, they are fully covered. And when claims arise and they are unable to make certain claims, they blame their advisors and insurance companies.

Thus it is important to understand what type of coverage you have.

MYTH No. 3: Already covered under my company’s medical plan

TRUTH: Most group medical plans are still not portable which means to say, once your employment ends, your medical plan stops there. And what happens if your health deteriorates by then? That makes you uninsurable! So do not delay to get your coverage.

MYTH No. 4: I already have Medisave and Medishield

TRUTH: Do you know that Medisave is your own money? You should not depend on Medisave for your medical bills instead you should use it to pay for health insurance premiums. Furthermore, you earn 4% on your Medisave account yearly therefore it should be sufficient to pay for your premium.

There are many limitations to Medishield. For all you know, your hard earned savings may be wiped out for not having a full, comprehensive hospital and surgical coverage.

money problems

Never take insurance planning for granted or you regret it when crisis happens.